Cipher Mining (NASDAQ:CIFR) Shares Gap Down – Here’s What Happened

Cipher Mining Inc. (NASDAQ:CIFR)’s share price gapped down prior to trading on Tuesday . The stock had previously closed at $3.12, but opened at $3.02. Cipher Mining shares last traded at $3.01, with a volume of 1,068,685 shares changing hands.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on CIFR shares. HC Wainwright reaffirmed a “buy” rating and set a $8.00 price objective on shares of Cipher Mining in a report on Wednesday, February 26th. Northland Securities raised their target price on shares of Cipher Mining from $6.00 to $8.50 and gave the stock an “outperform” rating in a research note on Wednesday, December 4th. JPMorgan Chase & Co. cut Cipher Mining from an “overweight” rating to a “neutral” rating in a report on Thursday, March 13th. Cantor Fitzgerald reduced their price target on shares of Cipher Mining from $11.00 to $10.00 and set an “overweight” rating on the stock in a research note on Tuesday, February 4th. Finally, Needham & Company LLC decreased their price objective on Cipher Mining from $7.50 to $7.00 and set a “buy” rating for the company in a report on Wednesday, February 26th. One analyst has rated the stock with a hold rating, ten have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $8.13.

Cipher Mining Price Performance

The firm has a 50 day moving average of $4.91 and a 200-day moving average of $5.02. The company has a market cap of $1.11 billion, a P/E ratio of -23.27 and a beta of 2.47. The company has a current ratio of 2.57, a quick ratio of 2.57 and a debt-to-equity ratio of 0.01.

Hedge Funds Weigh In On Cipher Mining

A number of hedge funds and other institutional investors have recently made changes to their positions in CIFR. Victory Capital Management Inc. grew its stake in Cipher Mining by 8.8% during the 3rd quarter. Victory Capital Management Inc. now owns 25,996 shares of the company’s stock valued at $101,000 after purchasing an additional 2,101 shares during the last quarter. Drive Wealth Management LLC acquired a new stake in Cipher Mining in the 3rd quarter valued at $370,000. Intech Investment Management LLC acquired a new stake in Cipher Mining in the 3rd quarter valued at about $133,000. Charles Schwab Investment Management Inc. boosted its holdings in shares of Cipher Mining by 71.0% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,356,044 shares of the company’s stock worth $9,118,000 after purchasing an additional 977,963 shares during the last quarter. Finally, Centaurus Financial Inc. acquired a new stake in shares of Cipher Mining in the 3rd quarter worth $583,000. Institutional investors own 12.26% of the company’s stock.

About Cipher Mining

Cipher Mining Inc, together with its subsidiaries, engages in the development and operation of industrial scale bitcoin mining data centers in the United States. The company was incorporated in 2020 and is based in New York, New York. Cipher Mining Inc operates as a subsidiary of Bitfury Holding B.V.